March 27, 2019 / 1:10 PM / 4 months ago

Brazil real slips as Congress reaches for more power over budget

BRASILIA, March 27 (Reuters) - Brazil’s currency weakened more than 1 percent in early trade on Wednesday after a nearly unanimous late night vote by lawmakers to strip some presidential budget power, a sign of growing defiance against President Jair Bolsonaro’s economic reforms.

The Brazilian real slipped to 3.9262 per dollar, and interest rate futures jumped. The April 2020 rates futures contract rose 10 basis points to 6.63 percent, implying a roughly 50-50 probability of a rate hike within 12 months. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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